Your workplace benefits may expire December 31 — check before the money disappears
Health spending accounts, flex credits and annual dental maximums often reset at year-end. A short checklist for finding out what you still have, and what to do if you're not covered.
The average Canadian household spends about $3,060 a year on health care, according to Statistics Canada's Survey of Household Spending (2023 data, via the Metrestick cost of living tool). If your employer gives you a benefits plan, part of that bill may already be paid for — but only if you use it in time.
What often resets on December 31
Plans differ, so treat this as a list of things to check, not a promise:
- Health spending account (HSA) or flex credits. Many plans give you a yearly dollar amount. Some let unused credits carry forward for a period; some don't. Your plan documents or benefits portal will say which.
- Annual dental maximums. Dental limits commonly reset with the plan year. If you've used less than your cap and you need work done, timing it before the reset can matter.
- Paramedical limits. Physio, massage, chiropractic and similar coverage often has a per-year dollar or visit cap.
- Vision and eyewear. These are often available on a 12-month or 24-month cycle, so check when you last claimed.
Your plan year may not match the calendar year at all, so look up the actual date before assuming.
A five-minute checklist
- Log in to your benefits portal and look for remaining balances.
- Find the claim submission deadline. It's often later than the date you have to use the benefit, but not always.
- Book anything you already need — dental work, eye exam, physio — rather than buying things you don't.
- Keep every receipt, including ones your plan won't pay.
Using a benefit you don't need isn't a saving. The goal is to stop leaving money behind on care you were going to pay for anyway.
Open enrolment season
Many employers run benefits enrolment in the fall. If yours does, this is the moment to compare options: a higher-coverage tier costs more per paycheque, so look at what you actually claimed this year before choosing. If you claimed almost nothing, the cheaper tier or an HSA may fit better.
If you're not covered
Without a plan, medical costs can still earn a tax credit: the medical expense tax credit lets you claim eligible expenses above a threshold, and you choose the 12-month window. The details are in our post on picking your 12-month window. Expenses reimbursed by a plan can't also be claimed.
Not sure how your take-home looks after benefit premiums? The take-home pay calculator shows the baseline.
The takeaway
Before December 31, spend ten minutes finding out what you have, when it expires, and how to claim it. It's the least glamorous year-end task, and it involves the most direct money.
Spending figures: Statistics Canada Survey of Household Spending, via Metrestick (metrestick.ca). Plan rules vary by employer and insurer; confirm with your plan administrator.